Commerce: 155,000 Dinars in Fines on Entities Violating Anti-Money Laundering and Terrorist Financing Law
The Ministry of Commerce and Industry imposed financial fines totaling 155,000 dinars on 31 entities for violating the Anti-Money Laundering and Terrorist Financing Law.
Translated by Qiyas from السياسة — Original source
- KD 20,000 in fines for four real estate brokerage violations and KD 135,000 for 27 jewelry and precious metals trading establishments
The Ministry of Commerce and Industry announced on Tuesday the imposition of financial fines totaling KD 155,000 on several entities for violating the provisions of Law No. 106 of 2013 concerning the combating of money laundering and terrorist financing, as well as related ministerial decisions.
In a statement to the Kuwait News Agency (KUNA), the ministry said the fines were imposed on cases suspected during the period from January to August last year, based on Ministerial Decision No. 25 of 2026 concerning the rules and procedures of the violation matrix and measures for specified non-financial businesses and professions related to combating money laundering and terrorist financing.
It added that the violations included real estate brokerage activities due to the failure to notify the Kuwait Financial Intelligence Unit within two working days when there were suspicious indicators in a transaction, with a fine of KD 5,000 imposed for each violation, totaling KD 20,000 resulting from four recorded violations.
The ministry clarified that the violations also included the trade of gold, gemstones, and precious metals, due to the failure to notify the Kuwait Financial Intelligence Unit within two working days when there were suspicious indicators in a transaction. A fine of KD 5,000 was imposed for each violation on 27 establishments engaged in jewelry and precious metals trading, totaling KD 135,000.
It emphasized the continuation of its supervisory efforts to monitor the compliance of entities under its supervision with the provisions of legislation and decisions governing the combating of money laundering and terrorist financing, and to take necessary legal action against violators, thereby enhancing compliance and safeguarding the integrity of financial and commercial transactions.
